Financial Performance - Revenue from wind farm operations for the year ended December 31, 2022, was approximately RMB 298.87 million, a decrease of about 15% compared to RMB 349.99 million for the year ended December 31, 2021[16]. - The company's revenue for the year ended December 31, 2022, was approximately RMB 304,443,000, a decrease of about 14% compared to RMB 352,407,000 for the year ended December 31, 2021[36]. - The gross profit for the year ended December 31, 2022, was approximately RMB 64,114,000, down 43% from RMB 112,770,000 in the previous year, resulting in a gross margin of 21% compared to 32% in 2021[40]. - Operating profit for the year ended December 31, 2022, was RMB 992, a significant improvement from an operating loss of RMB 195,638,000 in 2021, marking a 101% change[34]. - The net loss for the year ended December 31, 2022, was approximately RMB 162,020,000, a reduction of 55% from RMB 358,678,000 in the previous year[47]. Operational Developments - The company aims to enhance operational efficiency of existing wind farms to reduce costs and increase effectiveness while actively seeking other development opportunities in the renewable energy sector[11]. - The company is exploring potential acquisitions and joint ventures in hydrogen vehicle research, production, and sales, as well as hydrogen fuel cells and power systems[10]. - The first phase of the Baotou Silver Wind project, with an expected installed capacity of 49.8 MW, is still under construction and is projected to generate revenue in the coming years[7]. - The company's subsidiary, Baotou Yinwind, is currently constructing a wind farm project with a capacity of 49.8 MW, which is expected to contribute to future revenue from wind farm operations[18]. - The company anticipates significant opportunities in the wind power sector due to supportive government policies promoting renewable energy[21]. Financial Position - The company's net debt as of December 31, 2022, was RMB 1,302,227,000, a decrease from RMB 1,460,422,000 in 2021[34]. - The current ratio improved to 189% as of December 31, 2022, compared to 118% in the previous year[34]. - The average collection period for trade receivables decreased to 289 days in 2022 from 322 days in 2021[34]. - Cash and bank balances as of December 31, 2022, were approximately RMB 420,843,000, an increase from RMB 243,295,000 in the previous year[50]. - The company's capital debt ratio increased from approximately 87% as of December 31, 2021, to about 94% as of December 31, 2022[52]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance management quality and protect shareholder interests[178]. - The company has adopted and complied with the corporate governance code as per the listing rules, with exceptions noted regarding attendance at shareholder meetings and the separation of roles between the chairman and CEO[179]. - The board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring compliance with the listing rules regarding board composition[186]. - The independent non-executive directors represent at least one-third of the board, fulfilling the independence requirements set by the listing rules[189]. - The company has arranged for directors and senior management liability and indemnity insurance as part of its corporate governance practices[185]. Market Environment - The total electricity consumption in China for the year 2022 was 8,637.2 billion kWh, representing a year-on-year increase of 3.6%[10]. - The overall economic environment in China remained stable in 2022, with a GDP growth of 3%[10]. - In 2022, China's GDP grew by 3.0% year-on-year, with the fourth quarter showing a growth of 2.9%, indicating a gradual recovery from the impacts of COVID-19[19]. - In 2022, China added 37.63 million kW of new wind power capacity, bringing the total installed capacity to 370 million kW, with wind power generation reaching 686.7 billion kWh, accounting for approximately 8.2% of total electricity generation[19]. - The average utilization hours for wind power in China were 2,221 hours in 2022, with total electricity consumption increasing by 3.6% year-on-year to 8.64 trillion kWh[19]. Shareholder Relations - The company expresses gratitude to shareholders and partners for their support and aims to deliver better returns through a prudent and pragmatic development strategy[13]. - The company did not recommend the payment of a dividend for the year ending December 31, 2022, consistent with the previous year[116]. - As of December 31, 2022, the company's distributable reserves for shareholders amounted to approximately RMB 0[122]. - The total number of issued shares as of December 31, 2022, was 2,049,140,800 shares[135]. - The major shareholder, Yinghui, holds 1,979,861,111 shares, which is about 96.62% of the total issued shares[137]. Risk Management - The company faces risks related to fluctuations in wind turbine utilization hours, with energy generation from its Hongsong wind farm being 663.38 GWh in 2022, down from 777.54 GWh in 2021[22]. - The company has not adopted any currency hedging measures due to the board's belief that the costs of such measures would exceed the potential risks from currency and interest rate fluctuations[52]. - The company faced a liquidation petition claiming a debt of RMB 500,000, which was subsequently withdrawn by the petitioner[97]. - There have been no significant contingent liabilities as of December 31, 2022[94]. - The internal control consultant identified deficiencies in internal controls and provided recommendations, all of which have been implemented by the board[157].
瑞风新能源(00527) - 2022 - 年度财报